Bloom Energy Reports Record 2025 Revenue Amid Strong Growth in AI Data Centers and C&I Business
Bloom Energy Corporation a global leader in solid oxide fuel cell technology and clean energy solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2025, highlighting record revenue, expanding margins, and significant growth across its business segments.
The company achieved record annual revenue of $2.02 billion in 2025, up 37.3% from $1.47 billion in 2024, driven by robust demand from the AI data center sector and continued strong performance in its commercial and industrial (C&I) business. Product and service revenue totaled $1.76 billion, a 35.5% increase from $1.30 billion in 2024. Bloom Energy also posted a gross margin of 29.0%, reflecting an improvement of 1.6 percentage points from 27.5% in 2024, with non-GAAP gross margin reaching 30.3%, up from 28.7% the previous year.
Operating income for 2025 rose to $72.8 million, a significant increase from $22.9 million in 2024, while non-GAAP operating income more than doubled to $221.0 million, compared to $107.6 million in 2024. The company generated $113.9 million in cash flow from operating activities, marking the second consecutive year of positive free cash flow. Bloom Energy also reported a total current backlog of approximately $20 billion, including a product backlog of roughly $6 billion, representing a 2.5x year-over-year increase.
Fourth Quarter 2025 Highlights
In Q4 2025, Bloom Energy posted revenue of $777.7 million, up 35.9% from $572.4 million in Q4 2024, driven by strong product and service performance. Product and service revenue totaled $700.2 million, a 33.2% increase from $525.5 million in the prior-year quarter.
Gross margin for the quarter was 30.8%, down 7.5 percentage points year-over-year, while non-GAAP gross margin was 31.9%, down 7.4 points from Q4 2024. Notably, service gross margin improved dramatically to 16.9%, compared to negative 1.7% in Q4 2024, and non-GAAP service gross margin increased to 19.5%, up from 0.5% in the same period last year.
Operating income for the fourth quarter was $87.5 million, a decline of $17.2 million compared to Q4 2024, while non-GAAP operating income remained stable at $133.0 million, decreasing only $0.5 million year-over-year. The company generated $418.1 million of operating cash flow in the quarter.
Executive Commentary
KR Sridhar, Founder, Chairman, and CEO of Bloom Energy, emphasized the transformative shift in the energy landscape:
Bring-your-own-power has shifted from a slogan to a business necessity for AI hyperscalers and manufacturing facilities. This shift is secular and growing. We have built a solid-state digital power platform for the digital age that is superior to any legacy solution.”
Maciej Kurzymski, Chief Accounting Officer and Principal Financial Officer, highlighted operational progress:
The fourth quarter reflects the progress we are making on the fundamentals—reducing product costs, driving operating leverage, and executing with discipline and consistency. We are confident in our trajectory and the strategic investments that position Bloom for accelerating growth.”
Key Financial Metrics
GAAP Financial Summary:
| Metric | Q4 2025 | Q3 2025 | Q4 2024 | 2025 | 2024 |
|---|---|---|---|---|---|
| Revenue ($M) | 777.7 | 519.0 | 572.4 | 2,024.0 | 1,473.9 |
| Gross Margin (%) | 30.8 | 29.2 | 38.3 | 29.0 | 27.5 |
| Operating Income ($M) | 87.5 | 7.8 | 104.7 | 72.8 | 22.9 |
| Operating Margin (%) | 11.3 | 1.5 | 18.3 | 3.6 | 1.6 |
| Net Profit ($M) | 1.1 | (23.1) | 104.8 | (88.4) | (29.2) |
| GAAP EPS, Diluted | 0.00 | (0.10) | 0.38 | (0.37) | (0.13) |
Non-GAAP Financial Summary:
| Metric | Q4 2025 | Q3 2025 | Q4 2024 | 2025 | 2024 |
|---|---|---|---|---|---|
| Revenue ($M) | 777.7 | 519.0 | 572.4 | 2,024.0 | 1,473.9 |
| Gross Margin (%) | 31.9 | 30.4 | 39.3 | 30.3 | 28.7 |
| Operating Income ($M) | 133.0 | 46.2 | 133.4 | 221.0 | 107.6 |
| Operating Margin (%) | 17.1 | 8.9 | 23.3 | 10.9 | 7.3 |
| Adjusted EBITDA ($M) | 146.1 | 59.3 | 147.3 | 271.6 | 160.7 |
| Non-GAAP EPS, Diluted | 0.45 | 0.15 | 0.43 | 0.76 | 0.28 |
Backlog Details
Bloom Energy defines product backlog as the revenue attributable to existing contractual commitments for the purchase of Energy Servers, including anticipated ITC and other tax incentives. Service backlog reflects contracted Operation and Maintenance (O&M) services revenue for both installed and future Energy Servers, with contracts ranging from 5 to 20 years. The total backlog highlights the company’s strong long-term demand and market position.
2026 Outlook
For the full year 2026, Bloom Energy expects:
- Revenue: $3.1B – $3.3B
- Non-GAAP Gross Margin: ~32%
- Non-GAAP Operating Income: $425M – $475M
- Non-GAAP EPS: $1.33 – $1.48
The company noted that a quantitative reconciliation of these non-GAAP projections to GAAP measures is not feasible due to variability in reconciling items such as stock-based compensation.
Conference Call Information
Bloom Energy will host a conference call today, February 5, 2026, at 2:00 p.m. PT (5:00 p.m. ET) to discuss its financial results. Participants may dial +1 (888) 596-4144 (toll-free) or +1 (646) 968-2525 (international).
About Bloom Energy
Bloom Energy empowers enterprises to meet soaring energy demands and responsibly take charge of their power needs. The company’s solid oxide fuel cell systems provide ultra‑resilient, highly scalable onsite electricity for Fortune 500 customers around the world, including data centers, semiconductor manufacturing, large utilities, and other commercial and industrial sectors. Headquartered in Silicon Valley, Bloom Energy employs more than 2,000 people worldwide and manufactures its systems in the United States.
